376.240. Deposits to be held in trust by director.
132 words·~1 min read·
/mo/chapter-376/376-240A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
376.240. Deposits to be held in trust by director. — The securities deposited under the provisions of section 376.170 shall be legally transferred to the director of the department of commerce and insurance, and so large an amount thereof as may be necessary to equal, at all times, the net value of the outstanding registered policies and annuity bonds, less such liens not exceeding such value as the company may hold against them, shall be held by him in trust for the purposes of sections 376.010 to 376.670 , until the obligations of said companies, under said registered policies and annuity bonds shall, to the satisfaction of the said director, be fully liquidated, cancelled or annulled.
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(RSMo 1939 § 5824)
Prior revisions: 1929 § 5713; 1919 § 6124; 1909 § 6918